15
IN PARTNERSHIP WITH THE
Business TM M A GA ZINE
With the support of leading South East based law firm Penningtons Manches we asked some informed professionals, well-established in their business sectors, to comment on the ‘temperature’ of our local economy going into 2016. We asked them about the chancellor’s Autumn Statement and Spending Review. What impacts will it make on the future Thames Valley economy? What future climate do our local businesses face?
THE THREATS AND CHALLENGES ...
• No Heathrow expansion and an EU exit would hurt the Thames Valley most. Both topics continue to create uncertainty among UK and the international business environments, which may postpone or cancel critical future Thames Valley investment
• Lack of new affordable housing and infrastructure improvements
• Lack of skilled workforces for business growth.
• Recruitment and retention of talent • Lack of support /funding for startups
• Wage inflation following April introduction of the Living Wage
• Maintaining Thames Valley appeal and competitiveness among world markets.
... AND THE OPPORTUNITIES
• With good funding liquidity and strong company balance sheets it’s now a prime time for growth and M&A activity
• With extra housing and infrastructure the Thames Valley can continue to be “a great place to live and work”.
• Crossrail, though a travel ‘two-edged sword’, will increase Thames Valley transportation links, giving a major business boost
• Reading’s new Science Park is a “different flavour to normal business parks and an exciting example of Thames Valley growth as a world-beating business destination.”
• Training and upskilling of workforces
• Focus and build on Thames Valley economic and sector strengths to secure its globalised future.
See overleaf for the responses to the questions asked ...
It was David Bloxham, MD of GCS Recruitment Services, who suggested the current Thames Valley business climate may be successful because of its ‘Goldilocks appeal’ – not too hot, not too cold, but just right.
But without suitable care and investment, the ‘temperature’ and that climate could change, he warned.
The shortage of new and affordable housing was a particular concern since it helped to maintain high property values and rents locally, which dissuaded potential recruits from coming to the Thames Valley, effectively limiting the local workforce pool, and adding heat to the ongoing ‘battle for talent’.
“Anything the chancellor can do to take the housing market off the boil, and avoid a house-price bubble, will be good for local businesses aiming to recruit,“ said Bloxham, noting the near £7 billion Autumn Statement pledge to address the shortage of new homes.
“The Thames Valley is viewed as one of the most prosperous and best places to live in the UK, with great inward investment and lots of jobs, but without additional new housing, people and businesses will begin to move elsewhere,” added Bloxham.
Actually, from our further conversations with these local experts one underlying question remained ...
Can we maintain our Goldilocks appeal?
THE BUSINESS MAGAZINE – THAMES VALLEY – FEBRUARY 2016
www.businessmag.co.uk
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